Dunn v. Love

The People’s Bank & Trust Company of Tupelo, having become insolvent, closed its doors on December 24, 1930, and went into the hands of appellee as statutory liquidator. The bank remained in liquidation in the chancery court until May 15,1933. At the time the bank closed, it owed two hundred thousand dollars of public deposits and four hundred fifty-seven thousand dollars to correspondent banks, which debts to correspondent banks were secured by approximately seven hundred thousand dollars in collateral. Thus the claims aforesaid had to be paid in full before anything was available to…